Palace: Pork, rice prices dropping in March By Samuel P. Medenilla
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ESPITE the ongoing tariff war among the United States, Canada and China which is now threatening to disrupt global supply chains, Malacañang announced that the price of rice and pork are expected to drop this month. Citing a report from Agriculture Secretary Francisco Tiu-Laurel Jr., Palace Press Office Claire Castro said the price of rice is projected to decrease from P49 per kilogram (kg) to P45 per kg by 31 March 2025 due to lower international price of the food staple. “For now, Secretary Laurel said
LETTUCE CELEBRATE: INFLATION SLOWS A vegetable vendor arranges fresh produce at a Manila market on March 5, 2025, as inflation slows to 2.1 percent in February, its lowest level in five months, according to the Philippine Statistics Authority. The easing was largely driven by slower price increases in food and non-alcoholic beverages, with food inflation dropping to 2.6 percent from 4 percent in January. Despite inflation falling below the government’s 2-4 percent target range, officials remain cautious, citing potential agricultural disruptions from upcoming typhoons. ROY DOMINGO
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the world price [for rice] is decreasing,” Castro said in Filipino in a press briefing in the Palace on Wednesday, when asked what accounts for the expected drop in rice prices. She said DA monitored the price of rice in the international market had significantly dropped from a high of US$740 per ton to between US$380 and US$400 per ton. Based on its latest price monitoring report in major markets in Metro Manila, DA said the price of local regular milled rice is between P38 and P45 per kg, while for wellmilled rice, it is between P42 and P52 per kg as of 4 March 2025. The retail price for imported regular milled rice is between P36
and P46 per kg, while imported well-milled riced is sold at between P44 and P47 per kg. Last month, Laurel said they will consider raising the current 15-percent tariff for rice, as demanded by farmer groups, if the retail price for rice drops to P42 to P45 per kilo. President Ferdinand Marcos Jr. issued Executive Order No. 62 last year, which cut down the tariff for rice from 35 percent to 15 percent to help stabilize the price of rice, which is one of the causes of food inflation.
Pork prices
ASIDE from lower rice prices, Castro said the price of pork may also drop by March 10, 2025. Based on
the forecast from DA, the price for kasim (pork shoulder) and pige (ham) will drop to P350 to P360 per kilo, while liempo (pork belly) will drop to P380 per kilo. Currently, DA said the retail price for pork ham is between P350 and P420 per kilo; for frozen kasim, it is between P230 and P290 per kilo; and for frozen liempo, it is between P290 and P350 per kilo. The Philippine Statistics Authority (PSA) reported on Wednesday that food inflation in February slowed down to 2.6 percent from 4 percent last January. Castro made the announcement after US President Donald Trump’s See “Palace,” A2
BusinessMirror A broader look at today’s business Thursday, March 6, 2025 Vol. 20 No. 145
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FEB INFLATION A 5-MO LOW, BUT GOVT WARY www.businessmirror.com.ph
ROLLING BY THE RIVER’S REVIVAL A cyclist rides past the Pasig River Esplanade in Intramuros, Manila, where murals by National Artist Carlos “Botong” Francisco depict “A Glimpse of a Turbulent Past: Filipino Struggles Through History.” This artwork is a focal point for both locals and tourists. The esplanade is part of the broader Pasig River Rehabilitation Program, initiated in 1991 to restore the river’s ecological health and enhance urban spaces. Once declared biologically dead in the 1990s due to pollution, the Pasig River has seen significant improvements, with aquatic life returning and new public spaces like the esplanade fostering community engagement. NONIE REYES By Reine Juvierre S. Alberto and Bless Aubrey Ogerio
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HE drop in commodity prices in February creates room for potential monetary policy rate easing, lowering interest rates to provide cheaper borrowing costs for consumers and businesses, according to the country’s Finance chief. In a statement on Wednesday, Finance Secretary Ralph G. Recto said inflation dropping to 2.1 percent in February 2025 is a “major win” for lower-income households, providing relief on food items. “This will provide greater purchasing power for our people and stronger momentum for investments and growth,” said Recto, who also sits as a member of the Monetary Board. Still, he acknowledged that the government must remain on cautious mode, given the internal and external risks that could cause fresh spikes, and said the government
will keep pushing with reforms and inflation-busting interventions.
2.1% in Feb, lowest in 5 months—PSA
OVERALL inflation in the country eased in February, hitting a five-month low as food and nonalcoholic beverages posted a slower annual price increase, according to the Philippine Statistics Authority (PSA). The latest figure stood at 2.1 percent in February 2025, down from 2.9 percent in January 2025 and 3.4 See “Feb,” A10
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DTI: JAPANESE FIRMS TO POUR IN P23.5B FOR NEW PROJECTS By Andrea E. San Juan
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@andreasanjuan
HE Philippines has secured at least P23.5 billion in investments from Japanese firms which are expected to be poured into new and expansion projects across renewable energy, railways, fashion, IT, BPM, AI and entertainment sectors, according to the Department of Trade and Industry (DTI). The DTI said global motor manufacturer Nidec Corporation, semiconductor manufacturer Ibiden Co., Ltd., Japanese business-to-business wholesaler Etoiler Kaito & Co.,Inc., and Japanese apparel retailer Adastria Co., Ltd., are some of the firms that signified interest to expand their presence in the Philippines. In a statement sent to reporters via Viber, DTI said Special Assistant to the President on Investment and Economic Affairs Frederick Go and Trade and Industry Secretary Cristina
A. Roque led discussions with Nidec Corporation on March 3 to explore the expansion of its manufacturing footprint in the Philippines. “Discussions centered on Nidec’s existing gearbox production and its strategic interest in venturing into humanoid robotics manufacturing, leveraging the Philippines’ skilled workforce and robust manufacturing ecosystem,” DTI noted. Meanwhile, DTI said its discussions with Ibiden focused on the chips maker’s advanced substrate technologies, its current operations within the Philippines, and opportunities for strategic expansion. “As the nation’s sole manufacturer of these critical components, Ibiden plays a vital role in producing high-value semiconductors, supplying industry leaders such as Intel,” DTI said. DTI said Roque committed to “facilitating constructive engagement with international regulatory bodies, advocating See “DTI,” A2
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Global commodity prices posted Y-O-Y hikes in Feb By Ada Pelonia
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@adapelonia
HE global quotations of commodities being imported and exported by the Philippines registered yearon-year increases in February based on the latest World Bank report. Figures from the World Bank indicated that global prices of coffee varieties like arabica and robusta surged last month. Arabica prices grew by 96.31 percent to $9.05 per kilo in February from $4.61 per kilo recorded in the same period of the previous year, while the global quotation of robusta variety jumped by 71.89 percent to $5.81 per kilo last month from $3.38 per kilo in 2024. Global quotations of arabica and robusta coffee varieties in February were higher than the average prices last year at $5.62 per kilo and $4.41 per kilo, respectively. Global cocoa prices also rose by 77.34 percent to $9.86 per kilo in February from $5.56 per kilo in the previous year. This showed a further increase from its average quotation in 2024 at $7.33 per kilo. Data from the World Bank indicated that fertilizers like DAP and urea were more expensive in February than in the same period of 2024. The price of DAP averaged $603.8 per
MT last month, higher than the $583.8 MT recorded in the previous year, while that of urea climbed to $436.5 per MT in the second month of 2025, from $351.3 per MT in 2024. As for the country’s top farm export, World Bank figures showed that the international quotation of coconut oil grew by 69.80 percent to $1,990 per MT last month from $1,172 per MT recorded in the previous year. This was higher than the average price last year at $1,519 per MT.
Metal prices
MEANWHILE, World Bank data showed that global prices of metals registered increases last month. Global aluminum quotation rose by 21.98 percent to $2,658 per MT in February from $2,179 per MT in the previous year. This was higher than its average price of 2024 $2,419 per MT in 2024. World Bank figures also indicated that copper prices grew by 12.42 percent to $9,331 per MT last month from $8,300 per MT in the previous year, while tin quotations jumped by 22.01 percent to $31,833 per MT in February from $26,091 in the same period of 2024. International copper and tin quotations last month were lower than the average prices in 2024 at $9,142 per MT and $30,066 per MT, respectively.
PESO EXCHANGE RATES n US 57.8050 n JAPAN 0.3859 n UK 73.9615 n HK 7.4382 n CHINA 7.9613 n SINGAPORE 43.2155 n AUSTRALIA 36.2495 n EU 61.4352 n KOREA 0.0398 n SAUDI ARABIA 15.4134 Source: BSP (March 5, 2025)